HONG KONG (Reuters) – A group of investors led by private equity firm PAG announced on Saturday an $8.3 billion investment for a 60% stake in the business unit of Chinese real estate giant Dalian Wanda.
Dalian Wanda will retain 40% of Newland Commercial Management, the holding company of Zhuhai Wanda Commercial Management Group Co, the statement said.
CITIC Capital, Abu Dhabi Investment Authority, Mubadala Investment Company and Ares Management (NYSE:) Corporation were also joint investors in the deal.
“We value the competitive advantage and first-mover advantage that Newland has built and believe these advantages will enable it to generate stable and growing cash flows for investors,” said David Wong, partner and co-head of private equity at PAG.
Newland operates 496 large shopping malls across China, the statement said.
In December last year, PAG and Dalian Wanda Commercial Management Group jointly announced the signing of an investment framework to restructure Zhuhai Wanda Commercial Management. The agreement signed on Saturday gives effect to this agreement, the statement said.